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News Analysis: China's G20 summit chance to revive, reshape world economy: experts

Egyptian economic and political experts attend the forum named "Egypt and G20 Summit: Challenges and Aspirations" in Cairo, Egypt on Aug. 28, 2016.

The upcoming G20 summit to be held inChina with the participation of some developing countries represents a realopportunity for reviving and reshaping the world economy that has been facingdecline over the past few years, said Egyptian economic and political experts.(Xinhua/Zhao Dingzhe)

CAIRO, Aug. 29 (Xinhua) -- The upcomingG20 summit to be held in China with the participation of some developingcountries represents a real opportunity for reviving and reshaping the worldeconomy that has been facing decline over the past few years, said Egyptianeconomic and political experts.

China chose "Toward an Innovative,Invigorated, Interconnected and Inclusive World Economy" as the theme forthis year's summit that will be held in the city of Hangzhou on Sept. 4-5.

In late 2008, the representation at theG20 changed from the level of finance ministers and central bank governors toheads of states due to their realization of the heaviness of the economiccrisis.

This year, China invites two developingcountries as the G20 summit guests of honor, namely Egypt and Kazakhstan,besides the participation of Chad as current head of the AfricanUnion(AU), Senegal as China's basic partner for African development and Laos aschief of the Association of Southeast Asian Nations (ASEAN).

"China puts this summit back on trackand restores its original goals as an economic summit where economiccooperation and exchange among states are separated from their level ofpolitical relations," Diaa Helmi, head of the Egyptian-Chinese Chamber OfCommerce, told Xinhua.

The expert stressed that China seeksopenness to the world including Africa, the Arab world, the Middle East regionand other states, adding that both Africa and Western states are currentlyheading east towards China, "which reflects success of the Chineseeconomic experience as a model to follow."

"China redraws the world economic mapat a very critical timing, as the world is economically suffering fromterrorism, wars and civil conflicts," Helmi continued, arguing that thisyear's summit is meant to free the world from "old, stagnant economicpolicies" including domination and political-based favoritism.

For his part, Mahmoud Allam, Egypt'sformer ambassador to China, noted that the G20 summit comes eight years afterthe financial crisis in 2008 amid world economic recession and declining worldtrade traffic, "which affects growth rates particularly in developingstates."

According to the International MonetaryFund (IMF), world economic growth rate declined to 2.4 percent in 2015 comparedto 4.8 percent in 2011.

"The world today needs to realize thenecessity for worldwide mutual economic cooperation and world economy should beinclusive, not an exclusive and private club gathering only strongeconomies," the ex-diplomat told Xinhua.

Allam emphasized that the markets of lowereconomies need to expand so that big economies find chances to promote andexport their products, expecting the idea to be one of the Chinese goals to behighlighted during the summit.

"As current G20 president, theworld's second largest economy and a big developing country, China is able toplay a mediation role between developing and advanced countries to reach afairer formula in world economic relations," Allam stressed.

During his first state visit to Egypt,Chinese President Xi Jinping made a speech at the ArabLeague headquarters in Cairo where he stressed "development" asthe key to resolving most Middle East problems, especially growing terrorismand disorder.

"The growth of terrorist activitiesof the Islamic State (IS) group will not be stopped except through developmentand creation of job opportunities, as unemployment and poverty are two basicfactors for the growth of terrorism in this region," said Ahmed Qandil,expert of Asian affairs and head of the Energy Studies Program at Al-AhramCenter for Political and Strategic Studies.

The expert said that development can actas "a strong wall" against growing terrorism in general, hoping theG20 summit to urge support of the international community and big economies forthe development of the chaotic Middle East region.

According to many economists, developingcountries suffered over the past few years from the lack of balance,transparency and efficiency of large world institutions such as the IMF and theWorld Bank due to the political conditions they set for offering developmentaids.

"By China's presidency of the G20, wehope it plays a role in increasing the participation of developing countries inthe summit, which is referred to as the board of the world's economy, toimprove transparency and activeness of such world financial and economicsystems," Qandil told Xinhua.

Chances of developing countries arebelieved to be greater in the G20 provided they manage to convey the messagethat development in the southern hemisphere will eventually lead to the rise ofworld economic growth rate and hence the increase of consumption rates, whichwill restart the cycle of trade and development.

As for Egypt's chances in the G20 summit,which it joins for the first time, experts believe it's a rare opportunity forthe Arab country to present its investment opportunities and highlight itseconomic map, which may bring the country more foreign investments in the nearfuture.

"Egypt has large developmentprojects, particularly at the Suez Canal corridor, and I believe these projectsintegrate with the Belt and Road Initiative proposed by China," Qandilsaid.

Launched by President Xi in 2013, the mainidea of the initiative is to revive ancient trade routes to link China withover 60 countries in Asia, Africa and Europe through the Silk Road EconomicBelt and the 21st-Century Maritime Silk Road.

"Also as a foundingmember of the Asian Bank for Infrastructure Investment, Egypt looks forward togetting finance for its energy, transport and other projects to achievedevelopment in the country," Qandil told Xinhua, stressing the necessityof Egypt's development to restore stability in the conflict-stricken MiddleEast region.
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